UBS is going to cut 30% of employees – Kommersant
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The Swiss bank UBS after the merger with Credit Suisse is going to cut about 30% of employees. This is reported Reuters with reference to sources. After the merger, the total staff of the bank is 120 thousand people, so the bank can cut more than 35 thousand employees. According to sources, this primarily reflects the desire of UBS to absorb the Swiss business of Credit Suisse and reduce costs. In particular, cuts should affect such divisions of Credit Suisse as retail and investment banking.
The day before, June 27, Bloomberg reported, citing sources, that UBS plans to cut up to 35,000 employees. Moreover, according to the agency, Credit Suisse plans to cut more than half of the staff – now it has 45 thousand employees.
UBS and Credit Suisse declined to comment. UBS completed takeover by Credit Suisse in June. Banks announced about the deal in March – the Swiss authorities persuaded UBS to buy out Credit Suisse in order to save it from collapse. Under the terms of the deal, UBS and Credit Suisse will operate as separate entities within the UBS Group.
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